MBL, PCA flexibility would help CUs continue member service
Congress should take further legislative action to ensure credit unions remain in position to serve their members, CUNA wrote to the House Financial Services Committee Thursday. CUNA’s letter was sent for the record of a hearing on the need for additional COVID-19 stimulus.
“CUNA appreciates the steps taken in the 116th Congress that helped credit unions remain in a position to serve their members…As such, credit unions have tailored their service to meet immediate and long-term needs of their members by providing low- and no-interest loans, payment forbearance, fee waivers, payroll advances, loan modifications, and other services that help meet the needs of their members in crisis,” the letter reads.
“While we understand that the next COVID-19 bill could be moved through Congress under process which may limit the inclusion of certain policies, we urge you to consider not just the immediate needs of Americans, but the long-term economic recovery,” it adds.
CUNA urged Congress to take the following actions:
- Exempt member business loans from the cap during and for one year after the national emergency;
- Provide temporary flexibility to NCUA to offer forbearance from Prompt Corrective Action requirements;
- Call on the Treasury Department to provide clear guidance for the eligibility of the Emergency Capital Investment Program to insure the Rapid Response Program process does not favor past Community Development Financial Institutions Fund awardees.